Hmmm, certainly not to advance their wonderful inferred coal...

Hmmm, certainly not to advance their wonderful inferred coal project. LOL.

Let's take a closer look.

Jungle Creek (Streeter) is underwriting 80% of the offer. Certain other creditors are also underwriting the balance of the offer.

The underwriting fee will be off-set against Streeter's and other creditors borrowings. Too funny.

Streeter will get total control of this company by obtaining security over the company's assets. What assets? Old plant and equipment from the Nickel days and/or just the shell?

It gets better!

The directors feel that FXR is undervalued! Negative net tangible assets and capped at $8 million. What a joke. It's overvalued not undervalued in my opinion.

Oh, Gary East will be paid directors fees in advance of $25,485 for his duties up and until 30 June. Where to then?

My thoughts are that they have exhausted all avenues of increasing shareholder value. It's my opinion by end of this calendar year Streeter will take it over and use it as a vehicle to offset profits in his stable of winners.

Watch this space.